Profits however, up from $2.37 billion in the same period last year, were some $120 million below a consensus forecast from six analysts polled by Dow Jones Newswires.

The company, which produces a fifth of the world's nickel and half its palladium, said revenues from metal sales rose to $7.65 million, up 82 percent from the same period in 2006.

Record world prices contributed to the sharp increase in revenues, as well as the acquisition of the Harjavalta refinery in Finland, bought in March from Cleveland-based OM Group Inc. as part of a $408 million deal.

Norilsk has had a busy year of acquisitions, a major share buyback and an ongoing shuffle at the executive level.

In June, the company gained control of Canadian miner LionOre in a $6.4 billion deal -- the largest-ever Russian purchase overseas -- which added nickel mines and processing plants in Australia, South Africa and Botswana to the company's portfolio.

Norilsk also controls the only U.S. platinum and palladium miner -- Stillwater Mining Co. of Montana.

Norilsk Nickel Web site: http://www.nornik.ru